Which US City Has the Most Expensive Price Per Square Foot?

Last year, according to a report by Douglas Elliman, a real estate company, Manhattan’s real estate’s prices hit an all-time high averaging $1,363 per square foot.

The report also stated, the average sales of Manhattan apartments increased by 30 percent to $1.774 million. As the cost of luxury properties continues to rise, have you ever wondered how much square foot can your million dollars get you elsewhere?

Knight Frank, an independent, global real estate consultancy providing an integrated prime commercial and residential offering, released its latest wealth report. The report gave an account of how many square meters of luxury property one can purchase for a mere $1 million.

Synonymous with frill and elegance, Monaco is one of the world’s most famous playgrounds. A city that boasts a reputation of sophistication, it is no surprise in Monaco $1 million will only get you a measly 17 square meters (182 square feet) of luxury property.

Hong Kong, which was once dubbed the “World’s Greatest City” by CNN, is home to Li Ka-shing, the world’s richest man for the 17^th consecutive year. It also ranks slightly cheaper than Monaco. A prospective resident will pay $1 million for about 20 square meters (215 square feet) of posh property in the dense city.

In the frequently rainy city London, where one can spend hours shopping at the most lavish department stores, one can expect to purchase 21 square meters (226 square feet) for $1 million.

Across the pond, on U.S. soil, New Yorkers can expect to purchase 34 square meters, which converts to approximately 365 square feet, for $1 million.

However, if you head south to warm, but equally glamorous, Miami, you can get a little more bang for your buck. A prospective or current resident may purchase 59 square meters for $1 million, which converts to approximately 635 square feet.

Other cities that appeared on the list are Paris, Geneva, Singapore, Los Angeles and more.

Below is a chart provided by Forbes magazine of the above statistics.

(Photo via Business Insider)